NPORT-EX 2 edgar.htm
Schedule of Investments(a)
January 31, 2022
(Unaudited)
  Shares Value
Common Stocks & Other Equity Interests–98.26%
Aerospace & Defense–4.26%
Maxar Technologies, Inc.(b) 432,100    $11,238,921
Parsons Corp.(c) 979,300    29,819,685
Rheinmetall AG (Germany) 305,000    31,623,671
      72,682,277
Auto Parts & Equipment–2.20%
Dana, Inc.(b) 1,519,196    32,905,785
Modine Manufacturing Co.(c) 493,800     4,518,270
Visteon Corp.(c) 1,400       142,114
      37,566,169
Commodity Chemicals–0.57%
Orion Engineered Carbons S.A. (Germany) 572,400     9,788,040
Communications Equipment–1.29%
Plantronics, Inc.(b)(c) 823,563    21,947,954
Construction & Engineering–6.21%
AECOM 420,722    29,084,512
Balfour Beatty PLC (United Kingdom) 1,344,400     4,589,914
CIMIC Group Ltd. (Australia) 563,900     6,588,042
Concrete Pumping Holdings, Inc.(c) 676,000     5,549,960
HOCHTIEF AG (Germany) 216,200    16,686,028
Primoris Services Corp. 1,200,500    30,876,860
Sterling Construction Co., Inc.(c) 488,400    12,410,244
      105,785,560
Construction Machinery & Heavy Trucks–2.74%
Astec Industries, Inc.(b) 215,778    13,656,590
Manitowoc Co., Inc. (The)(c) 1,190,100    21,719,325
REV Group, Inc. 842,300    11,312,089
      46,688,004
Diversified Chemicals–2.98%
Huntsman Corp. 1,419,584    50,863,695
Diversified Support Services–0.13%
VSE Corp. 44,199     2,279,784
Education Services–0.46%
Stride, Inc.(b)(c) 223,200     7,827,624
Electronic Manufacturing Services–2.03%
Flex Ltd.(c) 2,142,000    34,657,560
Environmental & Facilities Services–0.19%
Li-Cycle Holdings Corp. (Canada)(b)(c) 429,315     3,254,208
Food Distributors–3.13%
US Foods Holding Corp.(c) 1,514,900    53,415,374
Health Care Services–1.73%
Fresenius Medical Care AG & Co. KGaA (Germany) 436,500    29,464,869
Hotels, Resorts & Cruise Lines–3.93%
Hilton Grand Vacations, Inc.(c) 690,169    33,721,657
  Shares Value
Hotels, Resorts & Cruise Lines–(continued)
Travel + Leisure Co. 584,800    $33,216,640
      66,938,297
Household Products–1.00%
Spectrum Brands Holdings, Inc.(b) 190,259    17,005,349
Human Resource & Employment Services–4.35%
Kelly Services, Inc., Class A 730,710    12,480,527
ManpowerGroup, Inc. 513,301    53,829,876
TrueBlue, Inc.(c) 297,402     7,910,893
      74,221,296
Industrial Machinery–2.81%
Crane Co. 299,100    30,959,841
Gates Industrial Corp. PLC(c) 1,090,100    16,863,847
      47,823,688
Life & Health Insurance–3.33%
American Equity Investment Life Holding Co. 1,381,000    56,814,340
Office Services & Supplies–4.36%
Interface, Inc. 702,220     9,311,437
Kimball International, Inc., Class B 510,200     5,010,164
MillerKnoll, Inc.(b) 1,086,200    41,949,044
Steelcase, Inc., Class A 1,462,000    18,041,080
      74,311,725
Oil & Gas Equipment & Services–2.46%
Baker Hughes Co., Class A 673,800    18,489,072
Helix Energy Solutions Group, Inc.(c) 3,649,781    12,883,727
NexTier Oilfield Solutions, Inc.(c) 1,748,411    10,525,434
      41,898,233
Oil & Gas Exploration & Production–7.93%
ARC Resources Ltd. (Canada)(b) 1,949,000    22,830,201
Diamondback Energy, Inc.(b) 321,100    40,509,976
Northern Oil and Gas, Inc.(b) 2,037,480    47,921,530
Pioneer Natural Resources Co. 108,917    23,840,842
      135,102,549
Oil & Gas Refining & Marketing–0.74%
HollyFrontier Corp.(b) 358,600    12,608,376
Other Diversified Financial Services–3.78%
Apollo Global Management, Inc. 555,426    38,879,820
Equitable Holdings, Inc. 759,400    25,546,216
      64,426,036
Regional Banks–14.08%
First Horizon Corp. 2,886,810    49,393,319
Five Star Bancorp 369,061    11,440,891
Great Western Bancorp, Inc. 1,020,400    31,509,952
Huntington Bancshares, Inc. 3,575,269    53,843,551
Sterling Bancorp 2,274,300    59,791,347
Texas Capital Bancshares, Inc.(c) 542,900    34,039,830
      240,018,890
 
See accompanying notes which are an integral part of this schedule.
Invesco Small Cap Value Fund
  Shares Value
Research & Consulting Services–3.99%
CACI International, Inc., Class A(c) 75,018    $18,563,954
KBR, Inc.(b) 871,300    37,814,420
Nielsen Holdings PLC 615,000    11,598,900
      67,977,274
Restaurants–4.40%
Cheesecake Factory, Inc. (The)(b)(c) 1,376,547    49,115,197
Elior Group S.A. (France)(b)(c)(d) 1,773,800    10,691,844
Marston’s PLC (United Kingdom) 13,960,649    15,268,919
      75,075,960
Specialty Chemicals–0.40%
Axalta Coating Systems Ltd.(c) 227,500     6,736,275
Steel–2.43%
Allegheny Technologies, Inc.(c) 515,400     9,426,666
Carpenter Technology Corp.(b) 1,114,530    32,009,302
      41,435,968
Trading Companies & Distributors–9.40%
AerCap Holdings N.V. (Ireland)(c) 609,700    38,411,100
Air Lease Corp. 942,400    37,516,944
Beacon Roofing Supply, Inc.(b)(c) 488,266    26,791,156
DXP Enterprises, Inc.(c) 255,791     7,302,833
Univar Solutions, Inc.(c) 1,893,566    50,179,499
      160,201,532
Trucking–0.95%
National Express Group PLC (United Kingdom)(c) 4,738,460    16,114,492
Total Common Stocks & Other Equity Interests (Cost $1,430,760,517) 1,674,931,398
  Shares Value
Money Market Funds–1.62%
Invesco Government & Agency Portfolio, Institutional Class, 0.03%(e)(f) 9,827,034     $9,827,034
Invesco Liquid Assets Portfolio, Institutional Class, 0.01%(e)(f) 6,640,348     6,641,012
Invesco Treasury Portfolio, Institutional Class, 0.01%(e)(f) 11,230,896    11,230,896
Total Money Market Funds (Cost $27,699,584) 27,698,942
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.88% (Cost $1,458,460,101)     1,702,630,340
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds–6.88%
Invesco Private Government Fund, 0.02%(e)(f)(g) 34,519,655    34,519,655
Invesco Private Prime Fund, 0.11%(e)(f)(g) 82,746,006    82,762,552
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $117,284,556) 117,282,207
TOTAL INVESTMENTS IN SECURITIES–106.76% (Cost $1,575,744,657) 1,819,912,547
OTHER ASSETS LESS LIABILITIES—(6.76)% (115,295,532)
NET ASSETS–100.00% $1,704,617,015
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at January 31, 2022.
(c) Non-income producing security.
(d) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at January 31, 2022 represented less than 1% of the Fund’s Net Assets.
(e) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended January 31, 2022.
    
  Value
April 30, 2021 		Purchases
at Cost 		Proceeds
from Sales 		Change in
Unrealized
Appreciation
(Depreciation) 		Realized
Gain
(Loss) 		Value
January 31, 2022 		Dividend Income
Investments in Affiliated Money Market Funds:              
Invesco Government & Agency Portfolio, Institutional Class $16,011,462 $176,201,957 $(182,386,385) $- $- $9,827,034 $1,836
Invesco Liquid Assets Portfolio, Institutional Class 13,801,645 120,093,598 (127,251,639) (642) (1,950) 6,641,012 514
Invesco Treasury Portfolio, Institutional Class 18,298,813 201,373,666 (208,441,583) - - 11,230,896 820
Investments Purchased with Cash Collateral from Securities on Loan:              
Invesco Private Government Fund - 236,260,140 (201,740,485) - - 34,519,655 3,696*
Invesco Private Prime Fund - 469,786,159 (387,007,529) (2,349) (13,729) 82,762,552 48,854*
Total $48,111,920 $1,203,715,520 $(1,106,827,621) $(2,991) $(15,679) $144,981,149 $55,720
    
* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.
    
See accompanying notes which are an integral part of this schedule.
Invesco Small Cap Value Fund
(f) The rate shown is the 7-day SEC standardized yield as of January 31, 2022.
(g) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Invesco Small Cap Value Fund
Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2022
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of January 31, 2022. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1 Level 2 Level 3 Total
Investments in Securities        
Common Stocks & Other Equity Interests $1,543,903,619 $131,027,779 $— $1,674,931,398
Money Market Funds 27,698,942 117,282,207 — 144,981,149
Total Investments $1,571,602,561 $248,309,986 $— $1,819,912,547
Invesco Small Cap Value Fund